Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 14 March 2018 at 14:11 GMT

Weekly Crypto Update: Expansion and maturation

Cryptocurrency Analyst / Saxo Bank
  • El Petro is largest ICO to date
  • World’s largest crypto miner opens US subsidiary
  • US industry follows the Japanese lead

El Petro
New kid on the block – Venezuela's El Petro. Image: Shutterstock  

By Jacob Pouncey

This week the entire crypto market cap fell 12.5%, according to coinmarketcap. Ethereum and Bitcoin fell similarly by 13% and 12.5% respectively since the start of the week. Combined, these two assets represent about 60% of the entire market cap for cryptocurrencies, while the next eight assets account for 23% of the market. 

El Petro is largest ICO to date

Venezuela’s President, Nicolás Maduro, announced that the Petro raised USD 5 billion in its pre-sale. This amount of funding would make the pre-sale of the oil-backed crypto the largest ICO to date with individuals from 127 countries making bids for the cryptocurrency. While the country’s congress has declared the sale illegal, Maduro and his team continue forward hinting at the release of a gold-backed version of the Petro.

World’s largest crypto miner opens in the US

Bitmain, the world largest bitcoin miner and hardware provider is opening a US subsidiary according to leaked documents. Bitmain has an estimated 70-80 % of the bitcoin miner market and 42% of the network hashrate is said to have made over USD 3 billion in profits last year, putting it on par with chipmaker NVidia. This represents the expansion of the industry as many of the larger firms in crypto such as Bitmain and Coinbase are well-capitalized and looking to make acquisitions.

US industry follows the Japanese lead

The CFTC backs the Winklevoss brothers attempt to form a self-regulatory organisation (SRO) for the US crypto market. The proposed SRO would function as an independent non-profit to address the gap in today’s framework and potential future regulation. This announcement comes after the Japanese FSA allowed a group of Japanese crypto exchanges to form their own SRO after the Coincheck hack. This move could bring more certainty to the US crypto market.

– Edited by Clare MacCarthy

Jacob Pouncey is a cryptocurrency analyst at Saxo Bank


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail